1. The regulation of mobile money is currently the focus of considerable discussion and debate among development partners, policy “think-tanks”, industry researchers and academics. Financial regulatory frameworks for mobile money are evolving at a fast pace in emerging markets (fast for the world of financial regulation). This is in response to industry players competing to either hold onto or claim new turf in the mobile money space and the payments space more generally.

 

2. Regular announcements are now being made citing latest moves by individual countries toward establishing enabling regulatory environments for mobile money.1 Internationally accepted standards for the regulation of mobile money are also emerging; notably, the Alliance for Financial Inclusion (AFI) is very proactive in this area, publishing guidance papers outlining common approaches for the oversight and supervision of mobile money and mobile financial services more broadly. The increased international focus on financial inclusion is also contributing to driving the fast pace in regulatory developments; policy makers are looking beyond their traditional policy objectives of promoting safe and efficient financial systems and have added to their plate a focus on promoting financial inclusion efforts. In late 2013 Alfred Hannig (Executive Director of AFI) noted that this phenomenon is mostly being seen in emerging countries and is progressing to the extent that these emerging countries are ‘reshaping the approach of central banking’.

 

3. Our international research project, The Regulation of Mobile Money, is tracking and contributing to these developments. One of our end-products will be a Regulatory Handbook.